NASDAQ: TLF
TANDY LEATHER FACTORY INCCIK 0000909724 · SIC 3100 · Leather & Leather Products
The following discussion, as well as other portions of this Form 10-K, contains forward-looking statements that reflect our plans, estimates and beliefs. Any such forward-looking statements (including, but not limited to, statements to the effect that Tandy Leather Factory, Inc. (“TLF”) or its… About this business →
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Latest financial statements
From 10-Q filed Aug 11, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(amounts in thousands, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net sales | 18,044 | 17,773 | 37,696 | 36,809 |
| Cost of sales | 6,349 | 7,200 | 14,008 | 15,518 |
| Gross profit | 11,695 | 10,573 | 23,688 | 21,291 |
| Operating expenses | 11,152 | 10,507 | 22,780 | 20,963 |
| Income from operations | 543 | 66 | 908 | 328 |
| Other income (expense): | ||||
| Interest income | 89 | 173 | 175 | 363 |
| Gain on disposal of headquarter | - | 16,225 | ||
| Other, net | (10) | (419) | (93) | (1,693) |
| Total other income (loss) | 79 | (246) | 82 | 14,895 |
| Income (loss) before income taxes | 622 | (180) | 990 | 15,223 |
| Income tax provision | 213 | 19 | 359 | 3,838 |
| Net income (loss) | 409 | (199) | 631 | 11,385 |
| Foreign currency translation adjustments, net of tax | (95) | 593 | (307) | 305 |
| Comprehensive income | 314 | 394 | 324 | 11,690 |
| Net income (loss) per common share: | ||||
| Basic | 0.05 | (0.02) | 0.08 | 1.34 |
| Diluted | 0.05 | (0.02) | 0.08 | 1.34 |
| Weighted average number of shares outstanding: | ||||
| Basic | 8,154,549 | 8,494,546 | 8,128,673 | 8,497,857 |
| Diluted | 8,154,549 | 8,494,546 | 8,128,673 | 8,497,857 |
Condensed Consolidated Balance Sheets
(amounts in thousands, except share data and per share data)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | 6,437 | 16,087 |
| Accounts receivable-trade, net of allowance for credit losses of $51 at June 30, 2026 and December 31, 2025 | 304 | 425 |
| Inventory | 37,066 | 33,238 |
| Prepaid expenses | 584 | 721 |
| Other current assets | 100 | 111 |
| Total current assets | 44,491 | 50,582 |
| Property and equipment, at cost | 27,122 | 26,203 |
| Less accumulated depreciation | (16,571) | (15,978) |
| Property and equipment, net | 10,551 | 10,225 |
| Operating lease assets | 25,425 | 24,736 |
| Deferred income taxes | 413 | 380 |
| Other assets | 722 | 710 |
| TOTAL ASSETS | 81,602 | 86,633 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable-trade | 3,027 | 2,154 |
| Accrued expenses and other liabilities | 2,679 | 3,704 |
| Income taxes payable | 233 | 428 |
| Current portion of operating lease liabilities | 3,830 | 3,512 |
| Total current liabilities | 9,769 | 9,798 |
| Uncertain tax positions | 227 | 227 |
| Other non-current liabilities | 148 | 149 |
| Operating lease liabilities, non-current | 24,501 | 23,868 |
| COMMITMENTS AND CONTINGENCIES (Note 7) | ||
| STOCKHOLDERS’ EQUITY: | ||
| Common stock, $0.0024 par value; 15,000,000 shares authorized; 9,616,451 and 9,497,251 shares issued at June 30, 2026 and December 31, 2025, respectively; 8,192,075 and 8,072,875 shares outstanding at June 30, 2026 and December 31, 2025, respectively | 22 | 22 |
| Paid-in capital | 3,748 | 3,651 |
| Retained earnings | 55,419 | 60,843 |
| Treasury stock at cost (1,424,376 shares at June 30, 2026 and December 31, 2025) | (9,773) | (9,773) |
| Accumulated other comprehensive loss, net of tax | (2,459) | (2,152) |
| Total stockholders’ equity | 46,957 | 52,591 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 81,602 | 86,633 |
Condensed Consolidated Statements of Cash Flows
(amounts in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 631 | 11,385 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Depreciation and amortization | 671 | 380 |
| Operating lease asset amortization | 2,708 | 2,377 |
| Gain on disposal of assets | - | (16,225) |
| Stock-based compensation | 234 | 211 |
| Deferred income taxes | (33) | 240 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable-trade | 119 | (63) |
| Inventory | (4,041) | (346) |
| Prepaid expenses | 137 | (68) |
| Other current assets | 10 | 7 |
| Accounts payable-trade | 874 | (899) |
| Accrued expenses and other liabilities | (1,021) | (709) |
| Income taxes, net | (194) | 2,152 |
| Other assets | (13) | (174) |
| Operating lease liabilities | (2,447) | (2,410) |
| Total adjustments | (2,996) | (15,527) |
| Net cash used in operating activities | (2,365) | (4,142) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (1,002) | (5,016) |
| Proceeds from sales of Headquarter assets, net | - | 24,897 |
| Net cash (used in) provided by investing activities | (1,002) | 19,881 |
| Cash flows from financing activities: | ||
| Dividend Paid | (6,055) | (12,745) |
| Withholding of vested stock for employee tax | (137) | (176) |
| Net cash used in financing activities | (6,192) | (12,921) |
| Effect of exchange rate changes on cash and cash equivalents | (91) | 330 |
| Net (decrease) increase in cash and cash equivalents | (9,650) | 3,148 |
| Cash and cash equivalents, beginning of period | 16,087 | 13,271 |
| Cash and cash equivalents, end of period | 6,437 | 16,419 |
Amounts as printed on the EDGAR/iXBRL face — (amounts in thousands, except share and per share data); (amounts in thousands, except share data and per share data); (amounts in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About TANDY LEATHER FACTORY INC
Source: Item 1 (Business) from the 10-K filed February 24, 2026. Description as filed by the company with the SEC.
ITEM 1.
BUSINESS
The following discussion, as well as other portions of this Form 10-K, contains forward-looking statements that reflect our plans, estimates and beliefs. Any such forward-looking statements
(including, but not limited to, statements to the effect that Tandy Leather Factory, Inc. (“TLF”) or its management “anticipates,” “plans,” “estimates,” “expects,” “believes,” “intends,” and other similar expressions) that are not statements of
historical fact should be considered forward-looking statements and should be read in conjunction with our Consolidated Financial Statements and related notes contained elsewhere in this report. These forward-looking statements are made based upon
management’s current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and should be read carefully because they involve risks and uncertainties. We assume no obligation to update or otherwise revise these
forward-looking statements, except as required by law. Specific examples of forward-looking statements include, but are not limited to, statements regarding our forecasts of financial performance, share repurchases, store openings or store closings,
capital expenditures and working capital requirements. Our actual results could materially differ from those discussed in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to,
those discussed below and elsewhere in this F
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orm 10-K and particularly in “